|By Marketwired .||
|March 31, 2014 04:15 PM EDT||
AUSTIN, TX -- (Marketwired) -- 03/31/14 -- Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data protection solutions, today announced that it has entered into a definitive securities purchase agreement with certain accredited investors for a private placement of 1,886,622 units of Crossroads' Common Stock and Warrants to purchase 943,311 shares of its Common Stock. The Common Stock and Warrants will be sold in units, with each unit consisting of (i) one share of Common Stock; and (ii) a warrant to purchase one-half of a share of Crossroads' Common Stock at an exercise price of $2.46 per whole share. Each unit will be sold at a price of $2.2565 per unit, resulting in proceeds to Crossroads of approximately $4.3 million, before deducting expenses.
Affiliates of Lone Star Value Management, LLC, of which the Company's Chairman, Jeffrey E. Eberwein, serves as a managing member, will purchase approximately $2.9 million of Units. Roth Capital Partners acted as financial advisor to the Company in the transaction, which was negotiated and approved by a special committee of the Board of Directors.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
Specific details of the transaction are contained in the Company's Current Report on Form 8-K filed today.
About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data archive solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads has been awarded more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit www.crossroads.com.
Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about the closing of the private placement and the use of proceeds therefrom, Crossroads Systems' future compliance with Nasdaq listing standards, Crossroads Systems' ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, changes in the fair value of its derivative instruments and its ability to achieve or maintain profitability. The future performance of Crossroads Systems may be adversely affected by the following risks and uncertainties: review of Crossroads Systems' listing compliance by the Nasdaq Stock Market, uncertainties relating to product development and commercialization, uncertain market acceptance of Crossroads Systems products, including StrongBox, intense competition in the data protection and storage markets, variations in quarterly results as a consequence of unpredictable sales cycles and other factors, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems' reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, which can be accessed through the SEC's website or by clicking "SEC Filings" on the company's Investor Relations website at http://investors.crossroads.com. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.
©2014 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners. All specifications are subject to change without notice.
Sep. 26, 2016 10:45 PM EDT Reads: 402
Sep. 26, 2016 10:00 PM EDT Reads: 2,671
Sep. 26, 2016 09:45 PM EDT Reads: 2,991
Sep. 26, 2016 09:30 PM EDT Reads: 2,740
Sep. 26, 2016 08:45 PM EDT Reads: 3,385
Sep. 26, 2016 08:45 PM EDT Reads: 2,157
Sep. 26, 2016 08:30 PM EDT Reads: 1,591
Sep. 26, 2016 08:00 PM EDT Reads: 2,898
Sep. 26, 2016 05:15 PM EDT Reads: 1,598
Sep. 26, 2016 05:15 PM EDT Reads: 2,616
Sep. 26, 2016 05:00 PM EDT Reads: 1,837
Sep. 26, 2016 05:00 PM EDT Reads: 2,729
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 26, 2016 04:30 PM EDT Reads: 1,622
Sep. 26, 2016 04:30 PM EDT Reads: 2,124
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Sep. 26, 2016 04:15 PM EDT Reads: 1,038